session 7 conducting start-up market research - moodle

What is market research?

Why is it essential for a new business or entrepreneur to carry out market research?

Are there any downsides to carrying out market research?

Do Now!

Market Research

Module 2

By the end of this lesson you should be able to:

1. Identify and explain the different methods of primary and secondary research.

2. Explain the difference between quantitative and qualitative research data.

3. Apply market research to a 'real life' situation.

4. Apply understanding of market research to a case study.

Learning Objectives

Market research – essential in gathering data on the buying habits, usage and attitudes of actual and potential customers.

Start-up Market Research

PRIMARY• Collected by entrepreneur• Paid to have collected• Does not already exist

SECONDARY• Data already exists• Collected for another

purpose

LO1) Identify and explain the different methods of primary and secondary research.

Secondary Research

Phone Book

Trade Magazines

Government Publications

Competition

Source Reference Material

Data Collection& Analysis

LO1) Identify and explain the different methods of primary and secondary research.

Primary Research

Observation

Questionnaire

Focus Group

Telephone SurveysTest Marketing

IT & Databases

LO1) Identify and explain the different methods of primary and secondary research.

Primary ResearchWho shall I collect the information from?

Random Sample

Quota Sample

Potentially each member of a group has an equal chance of being in the sample.

Characteristics of a market are mirrored in a sample

i.e. – target 50 males between 20 and 25.

LO1) Identify and explain the different methods of primary and secondary research.

Do you know your Primary research from your Secondary research?

LO1) Identify and explain the different methods of primary and secondary research.

Primary ResearchWhat should a firm consider when choosing a

sample?

Available finance

The nature of the product

Level of risk

The target market

LO1) Identify and explain the different methods of primary and secondary research.

Primary Research

Discuss….

What are the disadvantages of primary research?

LO1) Identify and explain the different methods of primary and secondary research.

Quantitative Qualitative • Refers to numerical

information

• Establish key information about a business/ market

Examples: • Questionnaire• Telephone survey• Online survey

• Refers to information about attitudes, feelings and opinions

• More revealing and useful but expensive to collect

Examples:• In-depth interview• Group discussions

Quantitative and Qualitative ResearchAlthough research can be primary or secondary in origin, there

are also categories for the type of data that is collected.

LO2) Explain the difference between quantitative and qualitative research data.

Match the question to the correct category:

Quantitative Qualitative

Quantitative and Qualitative

LO2) Explain the difference between quantitative and qualitative research data.

Which product do you prefer?

Focus Group Research

LO3) Apply market research to a 'real life' situation.

Experience Review

What type of research was collected in this experience?

What kind of data was collected in this experience?

How do you think that firms would analyse these results?

Focus Group Research

LO3) Apply market research to a 'real life' situation.

Read the case study and answer questions 1, 2 and 3.

Market Research at Blandonmore

LO4) Apply understanding of market research to a case study.

Name four keywords identified in this lesson.

Can you define them?

Finally

You should now be able to:

1. Identify and explain the different methods of primary and secondary research.

2. Explain the difference between quantitative and qualitative research data.

3. Apply market research to a 'real life' situation.

4. Apply understanding of market research to a case study.

Re-cap Learning Objectives